LISTING REQUIREMENTS
FOR QE VENTURE MARKET
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QE Venture Market
Legal Form of Company
Public joint-stock company with commercial registration from Ministry of
Economy and Commerce.
Securities
Ordinary shares. Whole class must be listed.
Track Record*
One year track record requirement and issued audited financial statements
for that year.
Accounting Standards
Reports must be drawn up in accordance with International Accounting
standards (IAS) and International Financial Reporting Standards (IFRS).
Profitability
None for purposes of QFMA Listing Rules but shareholders' equity, shown in the
last audited financial statements, must not be less than 75% from the paid up
capital.
Capitalization
Minimum subscribed capital of QR 2 million.
Minimum Free Float
QFMA Listing Rules require an issuer to have a minimum free float of 10%.
Minimum Shareholders
Applicable rules require an issuer to have a minimum of 20 shareholders.
Disclosure Document
Publish Information Memorandum approved by QFMA.
Working Capital Requirements No specific test but ‘adequacy of working capital’ statement to be provided by
issuer. (For a period of 12 months).
Business Focus
At least 75% of its capital must be invested in its core business activities.
Auditor's satisfaction as to company's ability as an on-going concern.
Lock-Up Requirements
Transformed Company: Lock- up 50% of shares for one year. The lock- up starts
from the beginning of trading the company’s shares on QSE. All Board members
are required by a company’s memorandum and articles of association to retain a
minimum number of shares for the duration of their membership in the board.
Foreign Issuers
Non-Qatari companies are eligible to list.
Reporting Language
Arabic & English.
Rules and Regulations
Adhere to all QFMA Listing Rules and QSE rules and regulations (QSE Rulebook).
Documentation**
Listing Agreement, Listing Application, Copy of Memorandum & Articles of
Association valid Commercial Registration and appropriate disclosure document.
Listing Advisor
Issuers will be required to have a Listing Advisor approved by QFMA. For one
year from the listing date.
* An existing private joint stock company wishing to transform to a public joint-stock company has a two year track record and 10% profitability requirement.
Other types of companies have a three year track record and 10% profitability requirements.
* * These represent the minimum requirement and documents only. QFMA and QSE may request additional requirement and documents. More details can be
found in the rules and regulations.
CONTINUING OBLIGATIONS
FOR QE VENTURE MARKET
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QE Venture Market
The following represent key ongoing disclosure requirements:
Ongoing Disclosure
(a) All types of information/events capable of affecting the price of the
securities.
(b) Time and venue of AGM & EGM (to be made available to shareholders a
minimum fifteen calendar days prior to the meeting).
(c) Date of Board of Directors meeting to discuss semi-annual and annual
financial results (minimum fifteen calendar days prior to meeting).
(d) Any decision relating to the rights of securities holders.
(e) Details of pending or future lawsuits which may have a meaningful impact
on business.
(f) Companies must notify the Exchange without delay of all major new
developments and any inside information.
Periodic Disclosure
(a) Quarterly reports within 30 days of end of relevant period.
(b) Semi-annual reviewed reports within 45 days of end of relevant period.
(c) Audited annual reports within 90 days of end of relevant period.
Means of Notification
QSE website, issuer website and two local newspapers one of which shall be in
the English language.
Notification Language
Arabic and English.
Disclosure Criteria
The information disclosed in periodic reports should be fairly presented, not be
misleading or deceptive and should not contain any material omission of
information. Furthermore, the information should be presented in a clear and
concise manner.
Equivalence of Disclosure
All information made available to one market should be made available
promptly to all markets in which the issuer is listed.
Disclaimer:
This publication Is solely intended as Information and does not constitute any investment advice or an offer, or recommendation to acquire or dispose of
any investment or to engage in any transaction. Although this publication is issued in good faith, no representation or warranty, express or implied, Is or
will be made and no responsibility or liability is or will be accepted by Qatar Stock Exchange or by any if its officers, employees or agents in relation to
the accuracy or completeness of this publication and any such liability is expressed disclaimed.
For further information please contact:
Tel: 44333701, 44333706
E-mail: [email protected]